Rental demand has been climbing for some time, with two main factors driving this change. On one hand is the reality that the UK has seen a rise in the price of owning a home, which has meant more and more people choosing instead to get themselves rental properties.
In addition to this there is the fact that there has been a rise in generation rent, where people simply choose to rent homes rather than buy their own because it is seen as more convenient and a generally more modern way to live.
According to the latest data released by Royal Institution of Chartered Surveyors (RICS), this swelling in demand from tenants has meant that the UK struggling to keep up with demand from tenants.
RICS said that at the moment, 86 per cent of those landlords in operation nationwide have no real intentions to increase their portfolio of rental properties. However, the UK needs this to change, with a real need for more homes to be brought onto the market in this regard.
It said that by the end of the year 2025, the UK needs as many as 1.8 million more homes in the rental sector than it currently has. This can be addressed by the swell of build to rent properties set to come to market in the next few years, but the country will also need landlords to keep investing.
The study said: "RICS is urging the Prime Minister to abandon David Cameron's previous home ownership focus and reverse April's Stamp Duty measures in order to address short term rental supply issues.
In addition to this there is the fact that there has been a rise in generation rent, where people simply choose to rent homes rather than buy their own because it is seen as more convenient and a generally more modern way to live.
According to the latest data released by Royal Institution of Chartered Surveyors (RICS), this swelling in demand from tenants has meant that the UK struggling to keep up with demand from tenants.
RICS said that at the moment, 86 per cent of those landlords in operation nationwide have no real intentions to increase their portfolio of rental properties. However, the UK needs this to change, with a real need for more homes to be brought onto the market in this regard.
It said that by the end of the year 2025, the UK needs as many as 1.8 million more homes in the rental sector than it currently has. This can be addressed by the swell of build to rent properties set to come to market in the next few years, but the country will also need landlords to keep investing.
The study said: "RICS is urging the Prime Minister to abandon David Cameron's previous home ownership focus and reverse April's Stamp Duty measures in order to address short term rental supply issues.
"However, they are recommending that Government takes a much bolder long-term approach and pioneers a new build-to-rent sector, with the private sector encouraged to build properties specifically for residential letting.
"It would like to see pension funds incentivised with tax breaks to build large scale rental properties with affordable elements. Additionally, local authorities holding brownfields sites should be encouraged to release land for such properties."
The organisation's head of policy, Jeremy Blackburn, added: "It's time for Theresa May to get out her hard hat.
"We are facing a critical rental shortage and need to get Britain building in a way that benefits a cross section of society, not just the fortunate few."
Should you be considering becoming a first time Landlord or adding to your current portfolio please call us for advice. We are able to offer bespoke packages to suit all needs whether you have a large or small portfolio. From Full or Part Management to Let Only a package can be put together which suits your particular requirements.
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